The global aquaculture products market is estimated to be valued at USD 39.7 billion in 2022. It is projected to reach USD 56.2 billion by 2027, recording a CAGR of 7.2% during the forecast period. The post COVID-19 era has influenced the consumption of high protein meals. Being highly rich in protein content and a cheaper protein source, the demand for seafood is surging in the fast growing Asian markets as well as markets such as North America and Europe with consumer awareness. Thus, players in the industry are undertaking multiple strategic initiatives such as agreements, innovative new product launches, acquisitions, and expansions to tap the growing market potential around the world, particularly in high-growth markets such as Asia.
Key players in this market include Pentair PLC (US), AKVA Group (Norway), Xylem Inc. (US), Aquaculture Equipment Ltd (UK), and Aquaculture System Technologies LLC (US).
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Pentair PLC (US) operates in two segments: Consumer Solutions, and Industrial and Flow Technologies, and Technical Solutions. The Industrial and Flow Technologies segment produces products such as valves, pumps, and controls for a range of industries. The company has a presence in over 100 countries and over 9,000 employees worldwide. It is dedicated to delivering sustainable solutions that help customers effectively manage and conserve water resources.
AKVA Group (Norway) is a leading technology and service partner to the aquaculture industry worldwide. The company has more than 3,500 employees, with offices and operations in Norway, Chile, Denmark, Scotland, Iceland, Canada, Australia, and Turkey. AKVA Group provides a wide range of services, including cage systems, feed systems, net cleaning, and fish farming software. The company's products and services are designed to enhance fish welfare, improve operational efficiency, and minimize environmental impact. AKVA Group serves a broad range of customers, including fish farmers, fish processing companies, and governmental authorities. The company's goal is to enable sustainable growth and profitability for its customers and the aquaculture industry as a whole.
In 2021, AKVA group ASA (AKVA) acquired 33.7% of the shares in Observe Technologies Ltd (Observe) in order to strengthen its digital strategy. Observe, in collaboration with AKVA, has successfully sold and delivered artificial intelligence (AI) feeding solutions to over 20 farm sites in five different countries. With this new agreement, AKVA and Observe will continue to develop and leverage their complementary technologies and solutions that use AI to collaborate with customers to improve fish performance.
Xylem Inc. is a global water technology company that provides innovative solutions to meet the world's water challenges. The company has a workforce of more than 16,000 employees and operates in more than 150 countries worldwide. Xylem's products and services are focused on water transport, treatment, testing, and monitoring. The company's portfolio includes water pumps, filtration systems, water analytics, and other advanced technologies. Xylem's customers range from municipalities and industrial customers to residential and commercial end-users. The company is committed to sustainability, and its products and services are designed to help conserve water resources and reduce energy consumption. Xylem's mission is to enable customers to solve their water challenges and improve the quality of life in communities around the world.
In 2021, Anadolu Flygt was acquired by Xylem. The acquisition broadens Xylem's smart water portfolio into Turkey, demonstrating the company's commitment to becoming a leader in intelligent water technology solutions. The expanded competencies will strengthen Xylem's robust supply chain in the Middle East, Africa, and Turkey region, addressing water infrastructure challenges and improving customer economies.
Aquaculture Products Market by Rearing Product Type (Equipment, Chemicals, Pharmaceuticals, Fertilizers), Culture (Freshwater, Marine, Brackish Water), Species (Aquatic Animals, Aquatic Plants), Production Type and Region - Global Forecast to 2027
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